Today In Payments: Visa To Acquire LATAM’s YellowPepper; Amazon Delivers New eCommerce Site To Sweden
In today’s top news, Visa is acquiring Latin America’s YellowPepper, and Amazon is opening a new eCommerce site in Sweden. Plus, Fiserv reported strong third-quarter earnings.
Visa has inked an agreement to acquire YellowPepper, which works with startups in the Caribbean and Latin America, building on a strategic partnership made in 2018 when Visa first invested in the company. With the acquisition, Visa hopes to boost its “network of networks” strategy, reducing the time to market and costs for issuers and processors.
Amazon is advancing its presence in Sweden with a new eCommerce site and a clean energy grid to support the tech giant’s data centers. The extra watts of energy produced will power Amazon’s cloud infrastructure and its expanding retail business in the country.
After a tough second quarter, payment processor Fiserv bounced back in a big way for Q3, riding on the digital-first economy and a strong new account performance.
In the near future, the Department of Justice (DOJ) could determine if it will sue to prevent Visa’s purchase of Plaid Inc., which offers the technology backbone supporting a bevy of financial apps, over antitrust concerns.
The surge in digital purchasing is good news for struggling businesses, but the cost of processing transactions and operational inefficiencies can overshadow the benefits of accepting digital payments, says Bronson Tubb, vice president of engineering at software firm Omicron Media. PYMNTS speaks with Tubb in the November Payments Orchestration Playbook about how payments orchestration can help reduce transaction costs and maximize cost savings.
Paper checks and even fax machines have long been hallmarks of B2B inefficiencies. But in a roundtable discussion, top executives from Cargomatic, Passport, PNC and TripActions tell Flywire CEO Mike Massaro that the pandemic’s pressure points will transform B2B payments and emphasize the importance of vertical requirements. Here’s how they expect things play out.
Mastercard’s third-quarter results show a bit of resurgence in debit spend. But cross-border volumes and spending show the headwinds of the pandemic. Management, though, was sanguine about the continued shift to digital payments.